Feeling Toppy

This market has made it all the way back to the May 22 highs of 1687 on the S&P.  The market has a memory, and whenever it gets back to a past significant high, it has a difficult time busting through on the first attempt.  Also given the steepness of the runup over the past several days, this looks like an easy money short zone for 15 to 20 points.  But I wouldn't look for 30, because we may or may not get it, and if you don't get the 30 pointer, and wait for it, you may eventually have to settle for 0 points. 

This is still a strong market, and you have to take the dips as buying opportunities.  But this is one of few shorting opportunities that I have seen over the past few weeks. 

By the way, I would rather be short crude oil as a proxy for market weakness than the S&P.  The S&P is the strongest market in the world, so anytime you can take a fairy highly correlated proxy that I view as weaker and short that instead, it makes more sense.